JPMorgan Chase — as part of its global initiative to help support underserved households during COVID-19 — is making a $375,000 investment to help kick-start the Greater Newark Enterprises Corp. Entrepreneurs of Color COVID-19 Relief Fund.
The fund provides much-needed access to capital to underserved communities by providing low-interest loans to Black, Hispanic, Native American and Asian small businesses in need, the firm said.
Newark was one of just 17 cities nationally to be specifically designated, according to Alma DeMetropolis, the New Jersey market leader for JPMorgan Chase.
“Small businesses are the backbone of Newark’s economy, providing needed jobs, services and opportunity to residents throughout the city,” DeMetropolis told ROI-NJ. “Thanks to the firm’s investment, Greater Newark Enterprises Corp. will have the tools they need to support small businesses, particularly those that have experienced generational disinvestment during the pandemic.”
Companies need to have fewer than 20 employees and have less than $1 million in revenues. The loans can be for a maximum $75,000, but DeMetropolis said JPMorgan Chase expects the average loan size to be $20,000-$30,000.
“The program is designed to help these business owners get the funds needed to stabilize and begin the road to recovery, but also receive hands-on financial coaching,” DeMetropolis said. “GNEC has been serving this community for 15 years, and we are proud to grow our partnership with them to better serve the residents of Newark.”